Celanese and Oriental Yuhong Sign Strategic Cooperation Agreement to Promote Sustainable Development of Waterproofing Technologies
Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, and Beijing Oriental Yuhong Waterproof Technology Co., Ltd., today announced they have signed a comprehensive strategic cooperation and development agreement. The agreement aims to further expand cooperation in product research and development, expansion into emerging markets, and the advancement of industry, safety and environmental protection practices and sustainability.
Key components of the strategic cooperation agreement include the sharing of information and practices in the use of emulsions for waterproofing applications. Additionally, the companies will evaluate where Celanese can develop new product applications for use in Oriental Yuhong’s waterproofing business. Furthermore, the companies will begin the sharing of product development information and engage in discussions around plant productivity and sustainability in order to drive cost savings and identify potential opportunities for improving production and operational sustainability. Finally, the companies are expected to evaluate potential new supply arrangements in the Asia-Pacific region.
“Celanese and Oriental Yuhong have been working together commercially for more than a decade in the area of emulsions and vinyl acetate chemistry and this strategic cooperation agreement is the next logical step in our business relationship,” said Florian Kohl, Celanese Vice President, VAM and Emulsions. “Celanese and Oriental Yuhong are committed to a collaborative agreement to advance the sustainable development of the waterproofing and emulsions industry with chemistry solutions that outperform competing technologies.”
“Oriental Yuhong has been working with Celanese for more than 10 years. Through our collaboration, both companies have achieved remarkable results in R&D and continuous business development,” said Xiang Jinming, Vice Chairman and Executive President, Beijing Oriental Yuhong Waterproof Technology. “This agreement marks the joint effort of the two companies in providing fast-rising technologies in the construction and coatings business and expanding into emerging markets. It also provides a gateway for promoting more eco-friendly solutions in the future. This agreement will fulfil our mission to create a more sustainable and safe environment and customers will, therefore, enjoy high-quality construction products and services. We look forward to continuing our partnership with Celanese, a world-renowned brand with strong innovation, research and technical development capabilities, to build a better world for everyone.”
Financial, contractual and commercial terms of this strategic cooperation and development agreement are not being disclosed at this time.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2018 net sales of $7.2 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.
About Oriental Yuhong
Founded in 1995, Oriental Yuhong has been dedicated to providing high-quality and improved system solutions for the construction of thousands of important infrastructure projects, industrial buildings, civil and commercial buildings. It has grown into a leading service provider in the building material industry. Oriental Yuhong always pursues high-quality and stable development. It focuses on waterproofing services, and extends its business to upstream and downstream sectors as well as relevant industry chains. The company has formed strong building material service capabilities integrating building waterproofing, civil building materials, non-woven fabric, building coat, building repair, energy-saving and thermal insulation, special mortar, etc. The company has won many honors such as "National Quality Award" and "National Quality Benchmark" issued by Ministry of Industry and Information Technology.
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